September 3, 2019 | by: Lance Librorania
Employee turnover may be a normal part of the job for HR leaders, but what sets successful employers apart from others is how prepared they are for filling the gap left by these exits. Competition with other businesses, and the lack of experience or technical skills are the main drivers of the struggle to fill vacant positions, according to the Society of Human Resources Management (SHRM).
This difficulty in attracting and keeping talent is slowly emerging as a trend in labor markets worldwide. Consultancy giant Deloitte in their annual labor market study, the Global Skills Index, reported talent mismatch as one of the main drivers of an Overall Index score higher than the previous year, indicating a growing skills crisis gripping labor markets, specially in the Asia-Pacific.
SHRM recommended five ways to navigate through the skills gap, and four of those revolve in keeping the worker invested in the work through trainings, compensation increase, and more trainings. The gist of it is, through investing on their development and eventual promotion, you can minimize employee turnover while paving the way for your organization’s future leaders. HR consultancy and analytics provider Work Institute reported lack of growth and opportunities as the biggest reason for an employee to leave, just below “type of work.”
The Center for Creative Leadership (CCL), a leadership development and research provider, determined four trends in cultivating future leaders:
The current business environment is defined by wide interconnectivity and rapid technological changes, and businesses need leaders who are up to the task. By developing succession plans or leadership development programs, organizations are hitting two birds with one stone: they’ve made room for the company’s next generation of leaders and have built a bridge to cross the skills gap.